Managing payroll internationally is a daunting task … Papaya Global Philippines…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also significant legal expenses there exists’s other penalties there’s other costs behind that as well so the overall cost can be really significant in the tens of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect is really simply the guidelines are intricate and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability amongst business on what it really implies and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification perspective all right thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the employee How Do I Set Up Child Support In Papaya Global Payroll specifically when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the opposite of the coin

How much revenue does the company make? Papaya Global Philippines

Over the last five or six years …Papaya Global Philippines… functions on the supplier side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s frequently a frustrating number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really standard there’s no genuine consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

The modern world places a high value on well-being and the compensation landscape is becoming progressively intricate. Businesses are continuously presenting brand-new advantages and payment choices, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically innovative period, there’s no validation for maintaining troublesome procedures. Payroll, the business’s biggest expenditure, should be processed correctly and on time. Even minor hold-ups can negatively impact employees’ well-being and have significant effects. For that reason, it’s vital to focus on precise and prompt payments.

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific initial action towards providing a detailed payroll solution for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account required for worldwide payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.

anyhow we know how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everyone so carrying on look why do business pick to primary different bank accounts there are Papaya Global Philippines companies out there doing precisely this for particular nations and I have actually operated in a business or numerous businesses doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs changing but eventually people are extremely stuck to what they’re familiar

with right um modification is a challenging thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several savings account however there’s a huge quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is big however I believe the truthful response is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this method does posture several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Philippines

I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you should be used or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions And so on so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification but typically premiums are just covering the expense of legal costs whilst the typical claim examined against companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK

Handling payroll internationally is an overwhelming task … Papaya Global Philippines…

How much revenue does the company make? Papaya Global Philippines

Over the last 5 or 6 years …Papaya Global Philippines… functions on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and handling them ends up being increasingly more complicated International organizations are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint numerous organizations preserve separate bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different checking account sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely really standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

The modern world positions a high value on wellness and the compensation landscape is becoming significantly elaborate. Organizations are continuously introducing new advantages and payment alternatives, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly advanced era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have far-reaching repercussions. For that reason, it’s critical to prioritize precise and timely payments.

payroll team get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your workers globally again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to return to everyone so moving on appearance why do companies select to main separate bank accounts there are Papaya Global Philippines organizations out there doing exactly this for specific nations and I’ve worked in a business or numerous services doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing but eventually individuals are very stuck to what they’re familiar

with ideal um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving several checking account but there’s a huge amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is substantial however I think the honest response is change um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Philippines

I find time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the client why you need to be used or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a big effect that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification however usually premiums are only covering the expense of legal costs whilst the average claim evaluated versus employers relates to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK